Mr. Garrett Blaney:

I would like to emphasise the importance of capital for us. The water industry is a very capital-intensive industry. There is a great deal of further capital investment to be made. It is very important for us to be able to access cheap finance. We believe that part of the role of the regulator is to provide the stability and the framework to encourage people to make investments that are not based on the view of the Minister of the day. There should be regulatory certainty over a continuous period of time. We have seen significant capital investment and relatively low-cost financing within the energy sector. We hope to use the regulatory certainty and the model in that regard to assist the water sector. At one point at the height of the crisis, the cost of debt for the various utilities was lower than the cost for the Government. The capital markets value regulatory certainty. It has a measurable value for consumers. We have been in discussions with some of the big international funders. I think they will want to see some certainty, particularly around the revenue streams for Irish Water. I do not think we will get international finance from day one. It will probably take some time for that to develop. The more that can be done on a stand-alone basis, the better. We will continue that. If international funders are to grow in confidence, they will need to see that the regulatory framework is stable.